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(Sharecast News) - Oracle Power announced the start of a ground-based gravity survey at its Blue Rock Valley Copper and Silver Project in the Ashburton Basin, Western Australia on Monday.
The AIM-traded company said the survey would cover an area of about 102 square kilometres, aiming to further define the mineralised potential of the project following the confirmation of high-grade copper samples reported in the third quarter.
It said the high-grade rock chip and grab samples collected earlier in the year returned impressive copper grades, including 25.7% in sample OBR003 and 18.2% in sample OBR001.
Those results prompted the company to prioritise areas for drilling as it moved toward defining a resource at Blue Rock.
The board said the gravity survey would focus on the central portion of the project, covering outcrop areas and VTEM anomalies.
Oracle described the Ashburton Basin as a region historically known for its rich deposits of gold, copper, silver, and lead.
The company said it was aiming to use the results of the survey to refine drill targets and accelerate its exploration efforts at the site.
"I am very pleased to announce that we are on the ground at Blue Rock, where a gravity survey is now underway," said chief executive officer Naheed Memon.
"The aim of the survey is to attempt to define the high-grade copper mineralisation and refine areas for drill targeting.
"We will also continue to assess the project for gold and uranium."
At 1024 BST, shares in Oracle Power were up 2.35% at 0.02p.
Reporting by Josh White for Sharecast.com.
